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1. Company Snapshot

1.a. Company Description

Evercore Inc., together with its subsidiaries, operates as an independent investment banking advisory firm in the United States, Europe, Latin America, and internationally.It operates through two segments, Investment Banking and Investment Management.The Investment Banking segment offers strategic advisory services, such as mergers and acquisitions, strategic, defense, and shareholder advisory, special committee assignments, and transaction structuring; Capital Markets Advisory, including equity capital markets, restructuring, debt advisory, private placement advisory, market risk management and hedging, private capital advisory, and private funds; and research, sales, and trading professionals services on a content-led platform to its institutional investor clients.


The Investment Management segment provides wealth management services to high-net-worth individuals, foundations, and endowments; and manages financial assets for institutional investors.The company was formerly known as Evercore Partners Inc.and changed its name to Evercore Inc.


in August 2017.Evercore Inc.was founded in 1995 and is headquartered in New York, New York.

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1.b. Last Insights on EVR

Evercore Inc.'s recent performance was driven by strong investment banking momentum and solid liquidity. The company's Q3 2025 earnings beat estimates, with record revenues of $1.05B. Its adjusted earnings of $3.48 per share surpassed the Zacks Consensus Estimate of $3.01 per share. Evercore's growth is fueled by its robust advisory and equity capital markets businesses. The company hosts its 8th annual Healthcare Conference, featuring over 500 industry experts and corporate leaders. With a strong financial position, Evercore is well-positioned for future growth. (Source: Zacks)

1.c. Company Highlights

2. Evercore's Q3 2025 Earnings: A Record-Breaking Performance

Evercore delivered a stellar third-quarter performance, with adjusted net revenues surging 42% year-over-year to over $1 billion. The company's adjusted operating income jumped 69%, and adjusted earnings per share soared 71% to $3.48, beating analyst estimates of $3.01. The adjusted operating margin expanded by 360 basis points to 21.8%, driven by the strength of its diversified revenue streams and the impact of Senior Managing Director hiring and promotions. Adjusted advisory fees reached a record $884 million, up 49% year-over-year.

Publication Date: Nov -02

📋 Highlights
  • Record Adjusted Net Revenues:: Surpassed $1 billion, reflecting a 42% year-over-year increase.
  • Strong Operating Margin Expansion:: Adjusted operating margin improved by 360 basis points to 21.8%.
  • Advisory Fee Growth:: Adjusted advisory fees hit $884 million, a 49% year-over-year increase.
  • Compensation Ratio Reduction:: Adjusted compensation ratio fell to 65%, down 100 basis points year-over-year.
  • Shareholder Returns:: $624 million returned through share repurchases (170,000 shares) and dividends.

Revenue Diversification

The company's revenue diversification continues to be a key strength, with non-M&A revenue reaching 50% on a trailing twelve-month basis. As John Weinberg noted, "the non-M&A businesses are firing on all cylinders," and the company expects this trend to continue. Underwriting revenues were $44 million, down 1% from a year ago, but up 36% sequentially, while commissions and related revenue increased 15% year-over-year to $63 million.

Expense Management

Evercore's adjusted compensation ratio improved to 65%, down nearly 100 basis points from the prior year period. Tim LaLonde emphasized that the company is focusing on overall value creation and client satisfaction, rather than micromanaging the comp ratio. Adjusted non-compensation expenses were $139 million, or 13.2% of net revenue.

Capital Return and Valuation

The company returned approximately $624 million of capital to shareholders through share repurchases and dividend payments. With a P/E Ratio of 21.58 and a P/B Ratio of 6.89, the market appears to be pricing in a reasonable level of growth. Analysts estimate next year's revenue growth at 20.5%, which suggests that the current valuation multiples may be justified. The Dividend Yield is 1.11%, which may appeal to income investors.

Outlook and Growth Prospects

Evercore's backlog continued to increase in the quarter, and client activity remains robust across the firm. The company expects these trends to carry through year-end and into 2026. With a strengthening pipeline for DCM business and a growing presence in Europe, the company is well-positioned for continued growth. As John Weinberg noted, "the company is seeing a continued strengthening in the market generally, with broad-based activity across sectors." With a ROIC of 27.08% and an ROE of 32.89%, Evercore is demonstrating strong profitability and returns on capital.

3. NewsRoom

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Ashish Varshneya Joins Evercore as Senior Managing Director in the Healthcare Investment Banking Group

Dec -04

Source: businesswire.com

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Evercore Stock Soars Nearly 38% in 6 Months: Is There More Room to Run?

Dec -01

Source:

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Mapi Pharma is Seeking New Partnerships for Long-Acting Depot Drugs of Peptides for Self Administration

Dec -01

Source: globenewswire.com

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ProQR to Participate in 8th Annual Evercore Healthcare Conference

Dec -01

Source: globenewswire.com

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Charles River Laboratories to Present at Evercore Healthcare Conference

Dec -01

Source: businesswire.com

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Syndax Announces Participation at the 8th Annual Evercore Healthcare Conference

Dec -01

Source: globenewswire.com

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Fractyl Health to Participate in the 8th Annual Evercore Healthcare Conference

Dec -01

Source: globenewswire.com

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ProMIS Neurosciences to Participate in the 8th Annual Evercore Healthcare Conference

Dec -01

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.94%)

6. Segments

Investment Banking & Equities

Expected Growth: 8.97%

Evercore Inc.'s 8.97% growth in Investment Banking & Equities is driven by increasing M&A activity, equity market volatility, and a strong advisory pipeline. The company's strategic expansion into new markets, enhanced product offerings, and a talented team of bankers have also contributed to this growth.

Investment Management

Expected Growth: 8.1%

Evercore Inc.'s 8.1% growth in Investment Management is driven by increasing demand for alternative assets, expansion into new markets, and strategic acquisitions. The company's expertise in wealth management and institutional client services also contributes to its growth. Additionally, the rising trend of outsourcing investment management functions by institutional investors and family offices further supports Evercore's growth momentum.

7. Detailed Products

Advisory Services

Evercore provides strategic advisory services to clients on mergers and acquisitions, divestitures, and other strategic transactions.

Equity Capital Markets

Evercore helps clients raise capital through initial public offerings, follow-on offerings, and other equity-related transactions.

Debt Capital Markets

Evercore assists clients in raising debt capital through bond issuances, high-yield bond offerings, and other debt-related transactions.

Restructuring and Debt Advisory

Evercore provides restructuring and debt advisory services to clients facing financial distress or seeking to optimize their capital structure.

Wealth Management

Evercore offers wealth management services to high-net-worth individuals, families, and institutions, providing investment advice and portfolio management.

Equity Research

Evercore provides equity research and analysis to institutional clients, covering a range of industries and sectors.

8. Evercore Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Evercore Inc. operates in a niche market, providing investment banking and investment management services. While there are substitutes available, the company's strong brand reputation and expertise in its areas of focus mitigate the threat of substitutes.

Bargaining Power Of Customers

Evercore Inc.'s clients are primarily institutional investors and corporations, which have limited bargaining power due to the company's specialized services and expertise.

Bargaining Power Of Suppliers

Evercore Inc. has a diverse range of suppliers, including technology providers, consultants, and other service providers. The company's scale and reputation give it bargaining power over its suppliers.

Threat Of New Entrants

The investment banking and investment management industries have high barriers to entry, including regulatory hurdles and the need for significant capital and expertise. This limits the threat of new entrants.

Intensity Of Rivalry

The investment banking and investment management industries are highly competitive, with many established players competing for market share. Evercore Inc. must continually innovate and differentiate itself to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 20.64%
Debt Cost 3.95%
Equity Weight 79.36%
Equity Cost 11.13%
WACC 9.65%
Leverage 26.01%

11. Quality Control: Evercore Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
PJT Partners

A-Score: 6.1/10

Value: 3.8

Growth: 8.2

Quality: 6.5

Yield: 3.0

Momentum: 8.0

Volatility: 7.3

1-Year Total Return ->

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Houlihan Lokey

A-Score: 5.9/10

Value: 2.0

Growth: 6.8

Quality: 7.8

Yield: 3.0

Momentum: 7.5

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Evercore

A-Score: 5.6/10

Value: 3.3

Growth: 5.8

Quality: 8.2

Yield: 3.0

Momentum: 7.5

Volatility: 5.7

1-Year Total Return ->

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Piper Sandler

A-Score: 5.6/10

Value: 1.8

Growth: 5.4

Quality: 7.9

Yield: 5.0

Momentum: 6.5

Volatility: 6.7

1-Year Total Return ->

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LPL Financial Holdings

A-Score: 5.3/10

Value: 5.0

Growth: 6.9

Quality: 5.6

Yield: 0.0

Momentum: 8.5

Volatility: 6.0

1-Year Total Return ->

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StoneX

A-Score: 5.2/10

Value: 6.9

Growth: 4.8

Quality: 4.0

Yield: 0.0

Momentum: 10.0

Volatility: 5.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

336.37$

Current Price

336.37$

Potential

-0.00%

Expected Cash-Flows